Global Economy Shrinking at Alarming Rate, IMF Warns
All signs are pointing to a global economic crisis of proportions not seen in decades in the face of the coronavirus pandemic crisis.
Economy
China says its economy shrank by 6.8% in the first quarter as the country battled coronavirus
China reported that its first-quarter GDP contracted by 6.8% in 2020 from a year ago as the world’s second-largest economy took a huge hit from the coronavirus outbreak, data from the National Bureau of Statistics of China showed.
President Trump Asks States To Reopen By May 1
U.S. President Donald Trump has told governors that some could begin reopening their states by May 1 or earlier if they wanted despite ongoing coronavirus infections, according to audio recordings distributed Thursday.
Americans Protest U.S. Lockdown
Protests continue in the United States against the perceived ‘tyrannical’ lockdown orders to halt the coronavirus pandemic. In Richmond, Virginia, dozens of people gathered outside the state legislature Thursday in defiance of stay-at-home rules, which the governor instituted until June 10. ‘STOP the MADNESS! It’s just a COLD VIRUS! End the shutdown for the GOOD of U.S. all!’ read one sign.
Trump: Thursday will be ‘big day’ in decisions regarding reopening U.S. economy
President Donald Trump said Wednesday that some big decisions will be announced Thursday about how parts of the U.S. economy will begin to reopen after stay-at-home orders closed businesses and led to millions of lost jobs across the country.
US coronavirus deaths set single-day record increase
US coronavirus deaths rose by at least 2,228 on Tuesday, a single-day record, to top 28,300, according to a Reuters tally, as officials debated how to reopen the economy without reigniting the outbreak.
Watchdog Report: Debt will exceed U.S. economy in 2020
Debt held by the public will exceed the size of the U.S. economy by the end of fiscal 2020, a watchdog said Monday.
Israel To Restart Economy Despite Coronacirus Pandemic
Israeli officials say the government wants to gradually reopen the country’s economy hit hard by a coronavirus pandemic that overshadowed the Passover holiday. But in a setback for the tourism industry, regular flights will only resume in September, Israeli media reported Saturday.
U.S. Debt Reaches “Unsustainable” 24 Trillion Dollars
The federal government debt of the United States has reached a record $24 trillion despite warnings by the nation’s leading watchdog that it is unsustainable for the world’s largest economy.
Britain’s Johnson Out Of Intensive Care With Coronavirus
Britain’s Prime Minister Boris Johnson was taken from intensive care late Thursday but remained in a London hospital recovering of the new coronavirus COVID-19, his office announced. “The prime minister has been moved this evening from intensive care back to the ward…He will receive close monitoring during the early phase of his recovery,” it added.
Fed Is Seizing Control of the Entire U.S. Bond Market
The Federal Reserve is not leaving any corner of the U.S. bond market behind in this crisis.
American companies moving away from China as main supplier
A new report shows the “dramatic reversal” of a five-year trend as US companies commanded a considerably larger share of manufacturing in 2019 than the 14 Asian exporters that were tracked for the study. According to the seventh annual Reshoring Index report by global manufacturing consulting firm Kearney, Chinese exporters suffered the greatest losses.
Japan declares state of emergency, nearly $1 trillion stimulus for coronavirus
Japanese Prime Minister Shinzo Abe on Tuesday declared a state of emergency to fight coronavirus infections in major population centers and rolled out a nearly $1 trillion stimulus package to soften the economic blow.
Federal Reserve Temporarily Eases Capital Requirement for Big Banks
The Federal Reserve is temporarily relaxing a rule that imposes additional capital requirements on deposits and Treasury securities held by the biggest U.S. banks.
Morgan Stanley: ‘World Facing Deep Global Recession’
The world’s largest investment bank and financial services company warns of a “deep global recession” due to the new coronavirus pandemic. New York-based Morgan Stanley says worldwide economic growth could slow by as much as 0.9 percent this year. “[The virus] COVID-19 is at once a human tragedy and unparalleled synchronous shock, affecting both the demand and supply sides of the global economy,” writes Morgan Stanley chief economist Chetan Ahya in a note.
U.S. manufacturing contracts; private payrolls post first drop since 2017
U.S. manufacturing activity contracted less than expected in March, but disruptions caused by the coronavirus pandemic pushed new orders received by factories to an 11-year low, reinforcing economists’ views that the economy was in recession.
Millions of US Workers Losing Jobs as Coronavirus Spreads
Millions of U.S. workers are losing their jobs in a surge of layoffs as businesses large and small shut their operations amid the coronavirus pandemic.
Moody’s cuts outlook on $6.6 trillion US corporate debt pile to ‘negative’
Moody’s Investors Service has cut its outlook on corporate debt to negative, saying that an economy about to tip into recession because of the coronavirus will result in rising default rates.
President Trump signs $2 trillion coronavirus stimulus package
President Donald Trump signed a $2 trillion coronavirus stimulus bill Friday just hours after it passed in the House, making law out of a package that will send billions of dollars directly to Americans and provide hundreds of billions more for businesses, health care systems and others impacted by the pandemic that has crippled the economy.
Trump, Pence join 700 pastors in prayer call during coronavirus outbreak
President Donald Trump and Vice President Mike Pence joined over 700 pastors on a conference call Friday to pray for strength and stamina amid the novel coronavirus outbreak.